Largest Turkish Bank’s Chief Leaves Post After 10 Years

Huseyin Aydin, the chief executive officer of Turkey’s largest bank Ziraat, stepped down after holding the top job for 10 years, the bank said in a statement.

Aydin is replaced with Alpaslan Cakar, who has started his career at the bank in 1996 and has served as deputy CEO in charge of retail banking since June 2018. Bloomberg earlier reported that Aydin would step down as CEO after bank’s shareholders’ meeting Friday.

Largest Turkish Bank’s Chief Leaves Post After 10 Years

Aydin has been the bank’s chief executive since July 2011. He was also the head of Turkey’s Banking Association, a position he gave up after stepping down as Ziraat CEO. Aydin was also a board member in Turkey’s Wealth Fund and Turkcell Iletisim Hizmetleri A.S.

Turkey’s three largest state banks played a key role in credit-boom cycles that fueled economic growth as well as in stabilizing the nation’s markets and helping the government finances.

Turkiye Vakiflar Bankasi T.A.O and Turkiye Halk Bankasi A.S also held their shareholders meetings on Friday. Vakifbank removed Hamza Yerlikaya, a former Olympic wrestler whose appointment to the board in June last year provoked a social media backlash and the ire of the opposition due to his lack of experience in banking. Yerlikaya is replaced with Mustafa Saydam, according to a person who participated in the call.

Osman Arslan and Abdi Serdar Ustunsalih remained as chief executive officers of Halkbank and Vakifbank respectively. Arslan has been in charge of Halkbank, which is on trial in a U.S. court on charges of helping to violate sanctions against Iran, since June 2017. Ustunsalih was appointed to run Vakifbank in May 2019.

©2021 Bloomberg L.P.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.